EOS Network Foundation to cap token supply at 2.1b

EOS Network Foundation CEO Yves La Rose announced the approval of a community proposal to cap the EOS supply at 2.1 billion tokens and burn the excess.

Once implemented, the proposal would burn approximately 80% of the total EOS supply, primarily from future emissions, and set a hard supply limit of 2.1 billion tokens instead of 10 billion.

The EOS Network Foundation represents the EOS community and took over control from Block.one in 2021.

The foundation had previously submitted a multi-signature proposal to create this stable supply and received approval from at least 15 of the 21 EOS block producers.

“EOS Network reached consensus to approve tokenomics proposal,” La Rose wrote in an X post.

The first update is expected to be implemented in the coming months. EOS currently has a circulating supply of 1.15 billion tokens, representing 54% of the total planned supply.

Additionally, La Rose also stated that 950 million EOS tokens will be minted to support the growth of the ecosystem and activities such as rewarding stakers and block producers.

#EOS Network reached consensus to approve tokenomics proposal!

❎ Inflation
✅ Fixed Token Supply
✅ 80% Reduction in FDV
✅4 years $EOS halvings
✅ $RAM Market Support

This is the Sign of a New Era $EOS!

— Yves La Rose (@BigBeardSamurai) May 31, 2024

Founded in August 2021 as a community-supported group under the leadership of Yves La Rose, the EOS Network Foundation has revealed a new roadmap for the EOS ecosystem.

EOS was originally created by Block.one and first gained awareness when it raised $4 billion during an initial coin offering (ICO) from 2017 to 2018.

The EOS Network Foundation, which came together under La Rose’s leadership in 2021, is a non-profit organization dedicated to supporting the EOS Network and its community.

There have been disagreements between the Foundation and Block.one before; The foundation was claiming that Block.one did not reinvest a significant amount of ICO funds into the EOS Network as promised.